Morgan Stanley says changing to Proof of Stake might not solve Ethereum's scaling problems. An equity strategist for Morgan Stanley claims Ethereum beacon-mainnet merge will cause demand for graphics processors to plummet in the coming months. The Ethereum platform has been undergoing a parade of testnets preparing for its merge with Beacon Chain. This merge is a move to facilitate the blockchain's transition from operating a Proof of Work model, to Proof of Stake. The PoW consensus model understandably…
Longtime electronic game giant, GameStop, has announced the release of its beta NFT wallet. The unveiled wallet is the first step to GameStop’s goal of a native Ethereum-based NFT marketplace.
GameStop Wades in Web3 Waters
On Monday, 23rd May, GameStop took to its official Twitter account to publicize the development. The new wallet, downloadable on GameStop’s website, would allow users to send and receive digital assets without leaving their web browsers.
It’s official! The GameStop Wallet is here.
— GameStop (@GameStop) May 23, 2022
According to the announcement, GameStop’s wallet boasts Ethereum Layer-2 integration, which will allow for faster crypto transactions and of course lower gas fees. The wallet will run on the Ethereum rollup Loopring protocol.
Also according to the company, its premier wallet is fully self-custodial. As usual, a 12-Word Recovery Phrase is automatically generated once an account. While some self-custodial wallets have been at the receiving end of phishing attacks of late, it matters little. Gamestop developers are still confident that a “non-custodial” option is the safest option.
Notably, the launch of the wallet comes in anticipation of their NFT marketplace which is currently in progress. Going by the gaming company’s outlined plans, the marketplace could go live in the second quarter of 2022. The ultimate plan, of course, is to fully integrate its flagship wallet with the marketplace. According to the company, the marketplace will feature a vast selection of in-game digital assets. These assets will be available for purchase and sale using the GameStop Wallet.
GameStop and Immutable X Collaboration
In February, GameStop announced its partnership with blockchain and gaming company, Immutable X. As expected, Immutable X’s L2 protocol will now render transactions on the Gamestop NFT wallet completely carbon neutral, as well as provide additional speed and security.
GameStop’s beta wallet is currently only available to Google Chrome and Brave users, although the company hints at a mobile application scheduled for release soon.